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New Yahoo election tally reveals big protest vote

1:22 am on Aug 6, 2008 (gmt 0)

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SAN FRANCISCO (Reuters) - Yahoo Inc on Tuesday released a recount of the vote for its board that sharply altered the results, revealing a strong protest vote against five of nine directors including CEO Jerry Yang.

The Internet company said revised vote tallies showed 33.7 percent of votes withheld for Yang, the company's co-founder, with 66.3 percent in favor of him remaining on its board.

Yang has been under pressure for months over failed attempts by Microsoft Corp to buy the company and over questions about his leadership, but Friday's shareholder vote had suggested the tide was turning in his favor. The initial tally showed 85 percent of votes going to Yang.

The stunning new twist in the saga of Yahoo came after one its largest and most critical shareholders, Capital Research Global Investors, called on Monday for a probe of last week's shareholder vote after finding discrepancies in the results.

Reuters [news.yahoo.com]


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